Atlas Mara signs African banking agreements with Mastercard

Atlas Mara, Bob Diamond's Africa-focused banking venture, has signed agreements with Mastercard to build a stronger digital payment ecosystem with a focus on accelerating financial inclusion in sub-Saharan Africa.

The strategic alliance will enable up to 20m consumers and 100,000 merchants across Africa to be digitally and financially included in the formal financial sector by 2020.

The agreement will utilise Mastercard’s worldwide network and other processing assets such as HomeSend, Masterpass QR and Mastercard Payment Gateway Services.

These assets will in turn enable the company’s operating banks in Africa to build stronger payment ecosystems and expand access to fast and secure remittance, e-commerce and mobile payment solutions.

Masterpass QR, the Mastercard mobile-driven, person-to-merchant (P2M) payment solution, will also be distributed as part of the partnership, facilitating access to an affordable alternative to traditional point-of-sale terminals for merchants to accept electronic payments from their customers.

Retailers and consumers will have access to the Mastercard suite of digital and traditional payment solutions, including prepaid, debit, and credit Mastercard cards which are all accepted at millions of locations worldwide.

Atlas Mara's chief digital officer Chidi Okpala said: "Our partnership with Mastercard will help to accelerate Atlas Mara's vision to become a positive disruptive force in sub-Saharan Africa by leveraging technology to provide innovative and differentiated product offerings that will better meet the diverse needs of people in the markets we currently operate, and as we expand across Africa. After all, Africa's success is our success."

Atlas Mara’s share price was flat at 2.10p at 0955 GMT on Wednesday.